Unity Bancorp Reports Quarterly Earnings of $9.5 Million

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a solid second quarter for 2022 with a net income of $9.5 million or $0.88 per diluted share, reflecting a 12.3% increase year-over-year. For the first half of the year, net income rose to $18.6 million ($1.74 per diluted share), up 9.7% compared to the prior period. The bank also increased its dividend by 10% to $0.11 per share, demonstrating its commitment to returning value to shareholders. With assets around $2.1 billion and a recent inclusion in the Russell 2000 Index, Unity shows strong financial management and growth.

Positive

• Net income increased by 12.3% year-over-year to $9.5 million for Q2 2022.
• Earnings per share (EPS) rose to $0.88 from $0.80 a year prior.
• Net income for the first half of 2022 reached $18.6 million, a 9.7% increase compared to the previous year.
• Dividend increased by 10% to $0.11 per share.
• Unity was added to the Russell 2000 Index, indicating strong market positioning.

Negative

• None.

CLINTON, N.J., July 14, 2022 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.5 million, or $0.88 per diluted share, for the quarter ended June 30, 2022, a 12.3% increase compared to net income of $8.4 million, or $0.80 per diluted share for the prior year’s second quarter. For the six months ended June 30, 2022, Unity reported net income of $18.6 million, or $1.74 per diluted share, a 9.7% increase compared to $16.9 million or $1.60 per diluted share for the prior year’s period.

James A. Hughes, President and CEO, commented on the financial results: “Unity Bank is proud to report another outstanding quarter, where we generated $9.5 million of net income, or $0.88 per share, an increase of 12.3% over last year. This represents a 1.83% ROA, and 17.32% ROE. In addition, during the quarter, Unity increased its dividend by 10% to $0.11 per share.   More important than the financial metrics, we are deeply appreciative of the opportunity to serve our customers and deliver the products and services they need to reach their financial goals. During the quarter, Unity loaned over $100 million to small businesses, homebuyers, and consumers. In addition, we appreciate the efforts of the Unity team to deliver a best-in-class service to our valued customers.   Unity’s history of strong earnings, consistent growth, and conservative financial management have positioned us as one of the top community banks in the region--demonstrated by our recent addition to the Russell 2000® Index. These attributes provide us the strength to stand by our clients and continue to serve them despite whatever economic challenges may be on the horizon.”

For the full version of the Company’s 2022 second quarter earnings release, including financial tables, please visit News - Unity Bank (q4ir.com).

Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.1 billion in assets and $1.7 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its 19 retail service centers located in Bergen, Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com , or call 800- 618-BANK.

This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as amended or supplemented by our subsequent filings with the SEC, as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, results of regulatory exams, and the impact of COVID-19 on the Bank, its employees and customers, among other factors.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

News Media & Financial Analyst Contact:
George Boyan, EVP and CFO
(908) 713-4565

FAQ

What were Unity Bancorp's Q2 2022 earnings?

Unity Bancorp reported net income of $9.5 million, or $0.88 per diluted share for Q2 2022.

How much did Unity Bancorp increase its dividend in 2022?

Unity Bancorp increased its dividend by 10% to $0.11 per share in 2022.

What is Unity Bancorp's financial position as of mid-2022?

As of mid-2022, Unity Bancorp had assets of approximately $2.1 billion and deposits of $1.7 billion.

How did Unity Bancorp perform compared to the previous year?

Unity Bancorp's net income increased by 12.3% in Q2 2022 compared to Q2 2021.